Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
9.WE HAVE NO CHOICE BUT TO INVEST IN STOCKS AND HOUSING MARKET - Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
The Inflation Mega-trend and UK House Prices - Housing Market Analysis Trend Forecast 2022 to 2025 - 5th July 22
Gold Price Summer Seasonal Doldrums - 5th July 22
Tame Budgies Having Fun on a Grape Vine - UK Parakeet Easy Training - 5th July 22
Is the US Yield Curve Inversion Broken? - 3rd July 22
New Signs Economic Turmoil Will Prompt Fed to Lose Its Nerve - 3rd July 22
Stagflation With Powell Could Make Gold Price Happy - 3rd July 22
UK Housing Market Analysis, Trend Forecast 2022 to 2025 - Part 2 - 30th June 22
Stock Market Turning the Screws - 30th June 22
How to Ignore Stocks (and why you should) - 30th June 22
Top Tips For Getting The Correct Insurance Option For Your Needs - 30th June 22
Central Banks Plan To Buy More Gold In 2022 - 30th June 22
AI Tech Stock PORTFOLIO NAME OF THE GAME - 29th June 22
Rebounding Crude Oil Gets Far Away from the Bearish Side - 29th June 22
UK House Prices - Lets Get Jiggy With UK INTEREST RATES - 28th June 22
GOLD STOCKS ARE WORSE THAN GOLD - 28th June 22
This “Bizarre” Chart is Wrecking the Stock Market - 28th June 22
Recession Question Answered - 28th June 22
Technical Analysis: Why You Should Expect a Popularity Surge - 28th June 22
Have US Bonds Bottomed? - 27th June 22
Gold Junior Miners: A Bearish Push Is Coming to Move Them Lower - 27th June 22
Stock Market Watching Out - 27th June 22
The NEXT BIG EMPIRE WILL BE..... CANZUK - 25th June 22
Who (or What) Is Really in Charge of Bitcoin's Price Swings? - 25th June 22
Crude Oil Price Forecast - Trend Breaks Downward – Rejecting The $120 Level - 25th June 22
Everyone and their Grandma is Expecting a Big Stocks Bear Market Rally - 23rd June 22
The Fed’s Hawkish Bite Left Its Mark on the S&P 500 Stocks - 23rd June 22
No Dodging the Stock Market Bullet - 23rd June 22
How To Set Up A Business To Better Manage In The Free Market - 23rd June 22
Why Are Precious Metals Considered A Good Investment? Find Out Here - 23rd June 22
UK House Prices and the Inflation Mega-trend - 22nd June 22
Sportsbook Betting Reviews: How to Choose a Sportsbook- 22nd June 22
Looking to buy Cannabis Stocks? - 22nd June 22
UK House Prices Momentum Forecast - 21st June 22
The Fed is Incompetent - Beware the Dancing Market Puppet - 21st June 22
US Economy Headed for a Hard Landing - 21st June 22
How to Invest in EU - New Opportunities Uncovered - 21st June 22
How To Protect Your Assets During Inflation - 21st June 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Rally From Early Losses to Close Nearly Flat

Stock-Markets / Stock Index Trading Nov 19, 2009 - 03:31 AM GMT

By: Harry_Boxer

Stock-Markets

The indices managed to come back again in the afternoon to close just beneath the flatline and positive on the OEX. But it was a generally narrowly mixed picture at the close.


The day started out with a gap down and a very sharp slide that severely tested support at 1790 NDX and 1102 SPX. They then had a sharp rebound back, but rolled over and retested the lows, made nominal new lows on the NDX but failed to confirm on the SPX. When that occurred they had a nice snapback in the last 2-3 hours that brought the indices back up to their rally highs but beneath the session highs.

Net on the day the Dow was down just 11.11 at 10,426 and change, the S&P 500 down 52 cents at 1109.80, and the Nasdaq 100 down 10.47 at 1801.7.

Advance-declines were negative by about 260 issues on New York and by nearly 600 issues on Nasdaq. Up/down volume was just barely to the plus side on New York on total volume of just over 1 billion. Nasdaq traded just over 1.95 billion and had an 11 to 8 negative volume ratio.

TheTechTrader.com board was very mixed. The star of the day today was China Green Agriculture (CGA), which exploded for 3.51 to 16.63 on 3.88 million shares.

Other point-plus gainers of note, Genco (GNK) in the very strong shipping sector advanced 1.04 to 28.25, and Excel Maritime (EXM) 1.05 to 8.40.

SmartHeat (HEAT) at 13.80 was up 1.31, and the Direxion Financial Bull 3x Shares (FAS) at 80.54 up 1.58. Those were the only point-plus gainers.

Among the fractional gainers, Canadian Solar (CSIQ) added 51 cents to 20.62, Netlist (NLST) snapped back a solid 73 cents to 4.83 on 12 1/2 million, and Westport Innovations (WPRT) jumped 47 cents to 12.55.

On the downside, Nanometrics (NANO) got hammered on profit-taking, down 1.89 to 11.19, and RINO International (RINO) 1.05 to 28.14. Those were the only point-plus losers on our board.

Among the fractional losers, Human Genome Sciences (HGSI) gave back 92 cents to 27.84, Kongzhong Corp. (KONG) 57 cents to 14.42, Sonic Solutions (SNIC) 53 cents to 8.95, and Sinovac (SVA) 54 cents to 7.70.

Stepping back and reviewing the hourly chart patterns, the indices were down early, came back up to retrace part of that decline, and then a retest of the lows, which was successful, resulted in the last late afternoon rally that brought them back near the flat line.

The patterns of the last three days are orderly, constructive, and likely bullish, and may result in more upside. But key levels we'll be watching are resistance at 1813-14 on the NDX and support at 1790-92.

On the S&P 500, resistance is at 1112-14 and support at the 1102 zone. We'll see which way they resolve over the next couple sessions, which should be interesting especially with options expiration on Friday.

We'll be at the Traders Expo in Las Vegas late Thursday and all day Friday. Hope to see some of you there!

Good trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in